The central bank's Financial Surveillance Department sent an order to FirstRand Bank in May to freeze five accounts linked to Steinhoff International Holdings Limited, Steinhoff Investment Holdings Limited and Steinhoff Africa Holdings Limited.
The accounts are said to have held a total of at least R5.5-billion at the time, a figure supported by the company's latest annual financial statements. The action is part of a broad SARB investigation - codenamed Project Castle - into seminal wrongdoing at Steinhoff. The global retailer became infamous for being the incubator of South Africa's biggest fraud since Jooste's startling resignation in December 2017,which included in its findings that Steinhoff declared"income" of Ꞓ6.5-billion from fictitious and/or irregular transactions in the company's annual financial statements going as far back as 2009.
In an email to Scorpio, Steinhoff CFO Theodore de Klerk did not answer questions pertaining to the exact reasons for the SARB's suspicions, or whether Steinhoff's current management will ask a court to...
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